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The underpricing of infrastructure IPOs: Evidence from China

Tan, Qile, Dimovski, William and Fang, Victor 2015, The underpricing of infrastructure IPOs: Evidence from China, Review of Pacific Basin Financial Markets and Policies, vol. 18, no. 4, pp. 150025-1-1550025-31.

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Title The underpricing of infrastructure IPOs: Evidence from China
Author(s) Tan, Qile
Dimovski, William
Fang, Victor
Journal name Review of Pacific Basin Financial Markets and Policies
Volume number 18
Issue number 4
Start page 150025-1
End page 1550025-31
Total pages 31
Publisher World Scientific Publishing
Place of publication Singapore, Asia
Publication date 2015-12-15
ISSN 1793-6705
Keyword(s) China
underpricing
infrastructure
IPOs
Summary This study investigates the underpricing of 135 infrastructure IPOs in China from 1996 to 2012. It follows infrastructure IPO studies in Australia and India which report average underpricing returns to subscribers of 3.5% and 25.4%, respectively. The average underpricing return for Chinese infrastructure IPOs is substantially higher at 86.3%, but interestingly substantially lower than the underpricing of Chinese IPOs generally. The issue size, government ownership and the pre-IPO earnings per share are helpful in explaining the underpricing of Chinese infrastructure IPOs while the underwriter reputation does not appear to have much explanatory power. In addition, we find the underpricing of infrastructure IPOs in China is also affected by its local GDP levels.
Language eng
Field of Research 150201 Finance
1502 Banking, Finance And Investment
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2015, World Scientific Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30080708

Document type: Journal Article
Collection: Department of Finance
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